2 Min Read
* Q4 profit C$0.17/shr vs loss C$0.36/shr last year
* Revenue rises 10 pct
* Says implements hiring and salary freeze
March 12 (Reuters) - Transportation and logistics provider TransForce Inc TFI.TO posted higher fourth-quarter results, helped by cost-cutting initiatives.
The company posted net income of C$14.8 million, or 17 Canadian cents a share, compared with a net loss of C$30.9 million, or 36 Canadian cents a share, a year earlier.
Excluding items, the company earned 26 Canadian cents a share.
Revenue rose to C$544.5 million.
Analysts on average were expecting earnings of 20 Canadian cents a share, before special items, on revenue of C$573.0 million, according to Reuters Estimates.
"Initiatives taken to curtail costs included implementing hiring and salary freezes, and placing strict controls on capital and discretionary expenditures," CEO Alain Bedard said in a statement. "We also continued to adjust staffing levels to align with lower demand."
TransForce shares, which have lost more than 60 percent of their value in the last six months, closed at C$2.98 Wednesday on the Toronto Stock Exchange. ($1=1.293 Canadian Dollar) (Reporting by Biswarup Gooptu in Bangalore; Editing by Anne Pallivathuckal)